Anyone can technically retire at any time if enough funds have been accumulated over the years, and assuming said funds have been growing investments. However, the official retirement age in Canada to receive full CPP and OAS is 65 years of age. There are stipulations and earnings requirements and claw backs of OAS. And of course, contributions and how long one has contributed to the CPP over the years will determine the CPP retirement payments.

You can, however, start receiving CPP as early as age 60, albeit, it the amount is reduced by a percentage for each month before the age of 65.

Using this post number (63) as the early retirement age, the amount of CPP would be reduced by approximately 14% of the potential maximum amount one would receive at 65.

And, one can also defer taking CPP and OAS as much as 5 years after retirement age for an increase over the amounts one would receive at 65. However, a lot of people are taking early retirement pensions to enjoy the extra cash early, rather than later in life.

The rule of 72 is a shortcut to estimate the number of years required to double your money at a given annual rate of return. The rule states that you divide the rate, expressed as a percentage, into 72: